Canadian miner’s sale of Australia’s Cowal gold mine to Evolution is part of plans to reduce debt by $3 billion

SYDNEY—Barrick Gold Corp. said it will sell an Australian gold operation to local mining company Evolution Mining Ltd. for US$550 million, one of several planned sales aimed at helping Barrick reduce billions of dollars in debt.

Barrick, the world’s largest gold-mining company, said it expects that by October, the Cowal gold mine in New South Wales state will be run by Evolution, which is Australia’s fourth-largest listed gold miner and aims to become a globally known producer of the precious metal.